The auction begins at 1200 GMT
The previous auction saw a small drop in the overall index
Expectations for today (from futures/derivatives price movements) are for another small drop (circa down 2% in whole milk powder). Just a heads up, these have not been particularly reliable for expectations in past months.

USD/JPY and yen crosses are little changed after the earlier
Japan - Reuters Tankan
Its not surprising that the yen has shown little response to the data, it doesn't usually due do to much of that at all.

This Reuters Tankan is suggesting a slight improvement in the BOJ Tankan for Q1 of 2018
- March manufacturers' sentiment index +28 vs +29 in February (up 1 point from December, i.e. +1 q/q)
Outlook for the next 3 months from Reuters survey is for a small decline:

Credit markets are not helping stack market investors, bbg Bloomberg and the Wall Street Journal on two indicators
Via first:
Bloomberg
And, the (may be gated) ... and not a new development but noteworthy nonetheless

t on the US seeking alliances to push back against China trade, citing
Bloomberg with this repor
- an unnamed European official
- also contained in an internal European Commission document seen by Bloomberg

Janet Yellen remarks crossing the wires (Bloomberg)
- valuations on stocks, commercial real estate are high on historical basis "but the financial system seems to be sound"
I am not sure of the venue she is speaking from. But, Yellen's views still very much of relevance. Very clever indeed she is.

This against the USD, the yen underperformed but I'm looking at the Australian dollar
Maybe it has an excuse for such a lacklustre showing:
- EUR got a specific boost:
So, maybe I am being unfair comparing the AUD to EUR and GBP, which both surged. Still, take a look at the NZD, well outperforming the AUD

Forex news for North American trade on March 19, 2018:
Markets:
- Gold up $2 to $1317
- WTI crude down 21-cents to $62.13
- S&P 500 down 39 points to 2712
The major headlines were positive news about Brexit and the ECB outlook. In turn, that gave a solid lift to the pound and to the euro. The GBP

Minister of the Economy in France Bruno Le Maire, speaking from the G20 meeting in Buenos Aires
- Very opposed to protectionist policies
- France wants to avoid entering a trade war between EU and US
To the extent that President Trump's trade policies are aimed at China, Le Maire may be in luck .... otherwise he may have to

Major indices off the lows but still down over -1.3% on the day
The US stocks are ending down the most since February 8th. The Dow was down -493 at the lows but ended down -335 at the close or -335.60.